KUALA LUMPUR (Sept 30): Sapura Holdings Sdn Bhd (SHSB) director Datuk Shahriman Shamsuddin is said to be closer to settling his suit against his brother, SHSB group chief executive officer Tan Sri Shahril Shamsuddin, SHSB and another party.
This was disclosed to High Court judge Leong Wai Hong on Tuesday afternoon by Shahriman’s counsel, Gopal Sreenevasan, who appeared with Kelvin Seet Wan Nam.
“In accordance with your (the court’s) suggestion to us before this, we decided to meet this afternoon to settle the matter. However, there are one or two issues which are still unresolved, and we need the court to give parties time.
“We [therefore] ask that this hearing date be vacated,” Gopal said.
This was agreed to by Shahril’s counsel, Rabindra S Nathan, who replied that the parties are closer than ever before in trying to reach a resolution on the matter.
“We also ask that today’s date be taken off,” Rabindra said.
Leong said he was glad to hear this and said that the court does not have many dates this year to hear the matter.
The judge instructed parties to come back on Nov 11, or inform the court earlier if they had reached a resolution, for the court to record a settlement.
Gopal and Rabindra undertook to inform the court should a resolution be fixed earlier.
Also present in the proceedings was Sapura patriarch and founder Tan Sri Shamsuddin Abdul Kadir.
Earlier, lawyers were seen exchanging documents and discussing with both Shahriman and Shahril before the case was called up before Leong.
The case on Tuesday had been fixed for Shahriman’s continued cross-examination by Rabindra.
Besides the lawyers representing Shahriman and Shahril, the court saw counsel Idza Hajar Ahmad Idzam from Zul Rafique & Partners, representing SHSB. Rameli was represented by Ranjit Singh, of Ranjit Singh & Yeoh.
Shahriman had named SHSB, Shahril and fellow director Datuk Rameli Musa in the winding-up petition filed on Sept 23, 2024, to wind up SHSB, believing that it was needed for a fair asset distribution. Shahril, however, opposed this, claiming it is not a family company.
Shahril and minority shareholder Rameli both stated in separate affidavits that SHSB is not a family company. SHSB is the third respondent in the case.
Shahril and Shahriman are equal shareholders of SHSB, with a 40.5% stake each, while their equally-owned vehicle Brothers Capital Sdn Bhd has a 15% stake. Rameli owns a 4% interest in the company.
SHSB holds major stakes in companies like Sapura Resources Bhd (KL:SAPRES) (51.1%) and Sapura Energy Bhd (KL:SAPNRG) (11%), along with other ventures in rail operations and luxury watches.
The main dispute is over the fair division of assets, particularly the jointly-owned Permata Sapura office project with KLCC Holdings, which is said to have triggered the dispute between the two brothers.
Shamsuddin had come out to state in a separate affidavit that he had founded the entity as a family company, to be controlled and run equally by his two sons.